West Africa Economic Summit (WAES) - News Agency Of Nigeria

Muhyideen Jimoh
Jun, Sat, 2025

Tinubu champions stronger ECOWAS economic Integration at WAES

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By Muhyideen Jimoh

President Bola Tinubu has underscored the need to fast-track economic integration, unity and peace within the West African sub-region.

The President stated this in his opening address at the inaugural West Africa Economic Summit (WAES) on Saturday in Abuja.

An initiative of President Tinubu in his capacity as Chairman of the ECOWAS Authority of Heads of State and Government, WAES is the first of its kind and it is convened to deepen regional economic integration.

Tinubu said that the summit offers a historic opportunity to chart a collective course for sustainable economic integration, improved trade flows, and cross-border investments within the region.

“Today is not about celebrating how far we’ve come but forging a new path that leaves behind fragmentation and missed opportunities and moves us toward deeper integration, collective action, and shared prosperity.

“West Africa is one of the last great frontiers of economic growth. Yet opportunity alone does not guarantee transformation.

“Opportunity is not destiny. We must earn it through vision, integration, policy coherence, collaboration, and capital alignment.

“Intra-regional trade remains under 10%—a challenge we can no longer afford to ignore,” Tinubu said.

The President stressed the need for ECOWAS member states to work more together, rather than relying on foreign partners.

“Rather than competing in isolation or relying on external partners, we must strengthen our regional value chains, invest in infrastructure, and coordinate our policies.

“Our region’s greatest asset is its youthful population. However, this demographic promise can quickly become a liability if not matched by investments in education, digital infrastructure, innovation, and productive enterprise,” he added.

Tinubu emphasised the need for local processing of the region’s richly endowed minerals and regional manufacturing.

“Our rare minerals power tomorrow’s green technologies—yet it is not enough to be resource-rich.

“We must become value-chain smart and invest in local processing and regional manufacturing.

“The era of pit to port must end. We must turn our mineral wealth into domestic economic value—jobs, technology, and manufacturing,” he said.

The President also called for the massive partnership of the private sector to drive economic integration.

“The fundamental transformation will not come solely from government but from unleashing our people’s entrepreneurial spirit.

“Governments must provide the right environment—law, order, and market-friendly policies—while the private sector drives growth,” he said.

The News Agency of Nigeria (NAN) reports that the summit was attended by ECOWAS leaders, the private sector, development partners, and policy experts.

It is expected to yield concrete outcomes and deliverables to boost West Africa’s integration agenda as a critical foundation for sustainable peace, security, and prosperity in the region.

Coordinated by the Federal Ministry of Foreign Affairs, the WAES 2025 is one of the signature initiatives under President Tinubu’s Renewed Hope foreign policy and economic diplomacy drive.

The summit, precedes the 67th Ordinary Summit of the Economic Community of West African States (ECOWAS), scheduled for the State House, Abuja, on Sunday.(NAN)(www.nannews.ng)

Edited by Yakubu Uba

Tuggar calls for private sector-led ECOWAS

Folashade Adeniran
Jun, Thu, 2025

Economy/Business

Tuggar calls for private sector-led ECOWAS

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By Olawunmi Ashafa

Minister of Foreign Affairs, Ambassador Yusuf Tuggar, has stressed the need for stronger collaboration between West African governments and the private sector to boost regional competitiveness.

Tuggar made the call on Wednesday during a high-level private sector roundtable in Lagos, ahead of the upcoming West Africa Economic Summit (WAES).

The News Agency of Nigeria (NAN) reports that the roundabout is with the theme ‘United Voice: The Power of Private Sector Participation in the West African Economic Summit.’

The gathering, which brought together industry leaders and CEOs from across the region, was described as a “definitive shift” in policy engagement, not just a preparatory event.

“The private sector is not peripheral, but central to economic governance,” Tuggar said, stressing its vital role in shaping West Africa’s future prosperity.

His comments reflect broader continental goals, particularly those of the African Continental Free Trade Area (AfCFTA), which seeks to unite Africa’s markets and enhance global competitiveness.

Tuggar warned that in spite of Nigeria’s position as Africa’s largest economy, national strength alone cannot guarantee long-term growth or regional leadership.

“In today’s interconnected world, West Africa must move beyond national interests to embrace deeper regional integration,” he stated.

The minister pointed to West Africa’s significant population of over 400 million, one of the fastest-growing and youngest regions globally.

He said this demographic advantage, if properly harnessed, could power inclusive and sustained economic development.

However, he noted a major gap: intra-African trade forms only 15 per cent of total trade, with West Africa trailing at just 12–13 per cent.

By contrast, intra-regional trade in the European Union often exceeds 60 per cent while Asia is also far ahead.

“This gap reflects not a lack of potential, but issues like poor coordination, weak infrastructure, and limited political will,” he explained.

He cited non-tariff barriers, customs delays, and inadequate transport as major challenges restricting the free movement of goods and services.

Tuggar outlined key regional projects with strong potential for private sector involvement.

These include the ECOWAS Trade Liberalisation Scheme (ETLS), which aims to ease goods and labour movement within the region.

He also noted the Abidjan-Lagos Corridor highway, connecting five countries to boost trade and regional integration.

Additionally, he highlighted the West African Power Pool (WAPP), aimed at delivering reliable and affordable electricity across the region.

He stressed that these projects need substantial private investment and technical know-how to be successful.

Tuggar also spoke of a new ‘Atlantic era,’ urging West Africa to help shape global trade systems that previously excluded the region.

“We are entering an Atlantic era where West Africa won’t just supply resources but take an active role in global prosperity,” he said.

The WAES, taking place from June 20 to 21 in Abuja, is fully supported by President Bola Tinubu and fellow West African leaders.

It aims to shift the region from raw exports to production, fostering value chains and building bigger, more attractive markets.

“Governments do not build economies alone. It’s your investments, innovation, and networks that drive growth,” Tuggar told the business leaders.

He encouraged them to propose solutions to trade obstacles, regulatory issues, funding gaps, and policy reforms to boost private sector involvement.

“WAES is not another talk shop. It’s about results — making West African business faster, cheaper, and more predictable,” he assured participants.

Tuggar called for sustained collaboration beyond the summit, promising that private sector input will shape both structure and outcomes.

“Unstructured potential is wasted. WAES allows us to organise our efforts for long-term impact,” he said.

The summit will host heads of state, ministers, investors, and regional institutions.

Its goal is to jointly craft a roadmap for sustainable economic integration and unlock ECOWAS’s full potential. (NAN) (www.nannews.ng)

Edited by Kamal Tayo Oropo